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ZWA.TO vs. USCL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWA.TO vs. USCL.TO

Last updated Jun 6, 2026

ZWA.TO (BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF) and USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) are both Derivative Income funds. ZWA.TO is passively managed, while USCL.TO is actively managed. Over the past year, ZWA.TO returned 16.51% vs 28.92% for USCL.TO. A 0.62 correlation means they provide meaningful diversification when combined. ZWA.TO charges 0.65%/yr vs 0.04%/yr for USCL.TO.

Performance

ZWA.TO vs. USCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.TO) and Global X Enhanced S&P 500 Covered Call ETF (USCL.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZWA.TO achieves a 3.75% return, which is significantly lower than USCL.TO's 9.69% return.

ZWA.TO

1D
-0.75%
1M
1.89%
YTD
3.75%
6M
4.08%
1Y
16.51%
3Y*
12.19%
5Y*
6.91%
10Y*
9.72%

USCL.TO

1D
-2.24%
1M
3.39%
YTD
9.69%
6M
8.92%
1Y
28.92%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWA.TO vs. USCL.TO - Yearly Performance Comparison

2026 (YTD)202520242023
ZWA.TO
BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF		3.75%10.55%12.02%8.76%
USCL.TO
Global X Enhanced S&P 500 Covered Call ETF		9.69%10.03%38.54%4.33%

Correlation

The correlation between ZWA.TO and USCL.TO is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.61

Correlation (All Time)
Calculated using the full available price history since Jul 7, 2023

0.62

The correlation between ZWA.TO and USCL.TO has been stable across timeframes, ranging from 0.61 to 0.62 - a consistent structural relationship.

ZWA.TO vs. USCL.TO - Sectors Allocation Comparison

Sectors
ZWA.TO
USCL.TO

Financial Services

27.0%
12.3%

Industrials

17.8%
8.7%

Technology

17.6%
33.1%

Healthcare

13.0%
9.8%

Consumer Cyclical

11.8%
10.1%

Consumer Defensive

4.4%
5.4%

Basic Materials

4.2%
1.9%

Energy

2.3%
3.5%

Communication Services

1.9%
10.7%

Real Estate

-

2.0%

Utilities

-

2.5%

Financial Services

ZWA.TO
27.0%
USCL.TO
12.3%

Industrials

ZWA.TO
17.8%
USCL.TO
8.7%

Technology

ZWA.TO
17.6%
USCL.TO
33.1%

Healthcare

ZWA.TO
13.0%
USCL.TO
9.8%

Consumer Cyclical

ZWA.TO
11.8%
USCL.TO
10.1%

Consumer Defensive

ZWA.TO
4.4%
USCL.TO
5.4%

Basic Materials

ZWA.TO
4.2%
USCL.TO
1.9%

Energy

ZWA.TO
2.3%
USCL.TO
3.5%

Communication Services

ZWA.TO
1.9%
USCL.TO
10.7%

Real Estate

ZWA.TO

-

USCL.TO
2.0%

Utilities

ZWA.TO

-

USCL.TO
2.5%

Compare stocks, funds, or ETFs

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BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF

Global X Enhanced S&P 500 Covered Call ETF

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ZWA.TO vs. ENCL.TOZWA.TO vs. BKCL.TOZWA.TO vs. BANK.TOZWA.TO vs. EMAX.TOZWA.TO vs. CRCY.TOZWA.TO vs. CBNK.TOZWA.TO vs. ZWC.TO
Often compared with USCL.TO:
USCL.TO vs. HYLD.TOUSCL.TO vs. MSTE.TOUSCL.TO vs. SDAY.NEOUSCL.TO vs. VFV.TOUSCL.TO vs. QQQYUSCL.TO vs. QQCL.TOUSCL.TO vs. TSLA.TO

Return for Risk

ZWA.TO vs. USCL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZWA.TO
ZWA.TO Risk / Return Rank: 4444
Overall Rank
ZWA.TO Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
ZWA.TO Sortino Ratio Rank: 4848
Sortino Ratio Rank
ZWA.TO Omega Ratio Rank: 4444
Omega Ratio Rank
ZWA.TO Calmar Ratio Rank: 3939
Calmar Ratio Rank
ZWA.TO Martin Ratio Rank: 4444
Martin Ratio Rank
USCL.TO
USCL.TO Risk / Return Rank: 7979
Overall Rank
USCL.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
USCL.TO Sortino Ratio Rank: 7979
Sortino Ratio Rank
USCL.TO Omega Ratio Rank: 8484
Omega Ratio Rank
USCL.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
USCL.TO Martin Ratio Rank: 7777
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZWA.TO vs. USCL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.TO) and Global X Enhanced S&P 500 Covered Call ETF (USCL.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

ZWA.TOUSCL.TODifference
Sharpe ratioReturn per unit of total volatility
1.44
2.42

-0.98

Sortino ratioReturn per unit of downside risk
2.15
3.22

-1.07

Omega ratioGain probability vs. loss probability

1.26

1.47

-0.21

Calmar ratioReturn relative to maximum drawdown

1.75

3.39

-1.64

Martin ratioReturn relative to average drawdown

6.60

13.80

-7.21

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZWA.TO vs. USCL.TO - Sharpe Ratio Comparison

The current ZWA.TO Sharpe Ratio is 1.44, which is lower than the USCL.TO Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of ZWA.TO and USCL.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ZWA.TOUSCL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.44

2.42

-0.98

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.50

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.62

1.37

-0.75

Drawdowns

ZWA.TO vs. USCL.TO - Drawdown Comparison

The maximum ZWA.TO drawdown since its inception was -38.29%, which is greater than USCL.TO's maximum drawdown of -21.85%. Use the drawdown chart below to compare losses from any high point for ZWA.TO and USCL.TO.

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Drawdown Indicators

ZWA.TOUSCL.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.29%

-21.85%

-16.44%

Max Drawdown (1Y)

Largest decline over 1 year

-9.49%

-8.56%

-0.93%

Max Drawdown (3Y)

Largest decline over 3 years

-17.77%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-19.68%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-38.29%

—

—

Current Drawdown

Current decline from peak

-0.75%

-2.24%

+1.49%

Average Drawdown

Average peak-to-trough decline

-3.56%

-2.55%

-1.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.51%

2.10%

+0.41%

Volatility

ZWA.TO vs. USCL.TO - Volatility Comparison

The current volatility for BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.TO) is 2.89%, while Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) has a volatility of 3.63%. This indicates that ZWA.TO experiences smaller price fluctuations and is considered to be less risky than USCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZWA.TOUSCL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.89%

3.63%

-0.74%

Volatility (6M)

Calculated over the trailing 6-month period

8.87%

9.61%

-0.74%

Volatility (1Y)

Calculated over the trailing 1-year period

11.48%

12.01%

-0.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.98%

15.47%

-1.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.01%

15.47%

+1.54%

ZWA.TO vs. USCL.TO - Expense Ratio Comparison

ZWA.TO has a 0.65% expense ratio, which is higher than USCL.TO's 0.04% expense ratio.

Dividends

ZWA.TO vs. USCL.TO - Dividend Comparison

ZWA.TO's dividend yield for the trailing twelve months is around 5.65%, less than USCL.TO's 12.16% yield.

PositionTTM20252024202320222021202020192018201720162015
USCL.TO
Global X Enhanced S&P 500 Covered Call ETF		12.16%12.94%11.57%7.08%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZWA.TO
BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF		5.65%5.65%5.89%6.21%6.02%4.36%5.04%4.46%4.74%4.15%4.83%4.85%

Frequently Asked Questions

ZWA.TO and USCL.TO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, USCL.TO is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

USCL.TO is cheaper with a 0.04% expense ratio, compared with 0.65% for ZWA.TO.

They also come from different issuers: BMO Asset Management and Global X. Their fees differ too: 0.65% for ZWA.TO and 0.04% for USCL.TO.

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